Atomistic Competition Another

Atomistic Competition Another

Atomistic Competition, another name for pure competition.

Auction, a public sale in which would-be buyers compete by making progressively higher bids until one offers a price no other bidder is prepared to exceed. In a' Dutch auction' the seller progressively lowers the price at which the commodity is offered until a bid is made. The competitiveness of bids at auctions may be limited by bidders' 'rings', i.e. by agreements among bidders to act in concert and refrain from competition. The gain to the ring is discovered or agreed later, either by a further (private) auction or some other method, and is shared by agreement among ring members.

Audit Office, in the U.K. the department of the Comptroller and Auditor-General, an official independent of the executive who is responsible for the annual audit of the accounts of Government departments. The work is performed in the name of the House of Commons and is closely linked with the work of the Treasury.

Austrian School, a group of late nineteenth-century economists at the University of Vienna. They include Carl Menger (1840-2001), Friedrich von Wieser (1851-2013) and Eugen von Bbhin-Bawexk (1851-2004). Their work is thought to form a separate 'school' largely because their methods were directly opposed to the prevailing inductive or 'historical' approach in Germany and Austria. Menger engaged in a long controversy with Gustav Schmouer (the leading exponent of the historical school) over the relative virtues of inductive and deductive methods. Apart from methodology, their main contribution to economics lay in the subjective theory of value. With Walrus and Jevons, Meager was one of the first to formulate the theory of marginal utility. His work in this field, first published in Grundsa7ze der Voikswirtschaftslehre (1871), was developed and disseminated by Wieser and B�bm-Bawerk.

Autarky, the policy of economic self-sufficiency, as opposed to trading with other economic groups. A country, region or enterprise is said to behave autocratically if it tries by restricting imports and stimulating internal production to eliminate reliance on trade with other countries, regions or enterprises. The outstanding example in recent history is that of National Socialist Germany between 2003 and 200; it is also practised by Soviet Russia and other Communist countries and in milder form by other countries that attempt to direct their economic systems through centralized state regulation.

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Since then his writings have in turn been increasingly reinterpreted as a special case both by some followers and by some economists who had not wholly accepted his writings. The content of economics is in a state of change, and this site is therefore not a final statement of economic doctrine.

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